Commission Implementing Regulation (EU) 2020/744 of 4 June 2020 on amending Implementing Regulation (EU) 2016/1800 laying down implementing technical standards with regard to the allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps in accordance with Directive 2009/138/EC of the European Parliament and of the Council (Text with EEA relevance)

Amendment to Implementing Regulation (EU) 2016/1800

Article 1

The Annex to Implementing Regulation (EU) 2016/1800 is replaced by the text in the Annex to this Regulation.

Entry into force

Article 2

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union .

ANNEXSupplementary provisions

ANNEX ‘ANNEX Allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps in accordance with Directive 2009/138/EC Credit quality step 0 1 2 3 4 5 6 ACRA Europe a.s (formerly European Rating Agency a.s.) Global long-term rating scale AAA AA A BBB BB B CCC, CC, C, D Global short-term rating scale   S1   S2 S3, S4, NS     AM Best Europe-Rating Services Ltd. Long-term issuer credit ratings scale aaa aa, aa- a + , a, a- bbb + , bbb, bbb- bb + , bb, bb- b + , b, b- ccc + , ccc, ccc-, cc, c, d, e, f, s Long-term issue ratings scale aaa aa, aa- a + , a, a- bbb + , bbb, bbb- bb + , bb, bb- b + , b, b- ccc + , ccc, ccc-, cc, c, d, s Financial strength ratings scale   A ++ , A + A, A- B ++ , B + B, B- C ++ , C + C, C-, D, E, F, S Short-term issuer ratings scale   AMB-1 + AMB-1- AMB-2, AMB-3 AMB- 4, d, e, f, s     Short-term issue ratings scale   AMB-1 + AMB-1- AMB-2, AMB-3 AMB- 4, d, s     ARC Ratings S.A. Medium and long-term issuers rating scale AAA AA A BBB BB B CCC, CC, C, D Medium and long-term issues rating scale AAA AA A BBB BB B CCC, CC, C, D Short-term issuers rating scale   A-1 + A-1 A-2, A-3 B, C, D     Short-term issues rating scale   A-1 + A-1 A-2, A-3 B, C, D     ASSEKURATA Assekuranz Rating-Agentur GmbH Long-term credit rating scale AAA AA A BBB BB B CCC, CC/C, D Short-term corporate rating scale   A ++ A   B, C, D     Axesor Risk Management SL Global rating scale AAA AA A BBB BB B CCC, CC, C, D, E Banque de France Global long-term issuer credit ratings scale   3 ++ 3 + , 3 4 + 4, 5 + 5, 6 7, 8, 9, P BCRA – Credit Rating Agency AD Global long-term ratings scale AAA AA A BBB BB B CCC, CC, C, D Global short-term ratings scale   A-1 + A-1 A-2, A-3 B, C, D     Pension-insurance company long-term scale AAA AA A BBB BB B CCC, CC, C, D Pension-insurance company short-term scale   A-1 + A-1 A-2, A-3 B, C, D     Pension fund long-term scale AAA pf AA pf A pf BBB pf BB pf B pf C pf Guarantee fund long-term scale AAA AA A BBB BB B C, D Guarantee fund short-term scale   A-1 + A-1 A-2, A-3 B, C, D     Capital Intelligence Ratings Ltd International long-term issuer rating scale AAA AA A BBB BB B C, RS, SD, D International long-term issue rating scale AAA AA A BBB BB B CCC, CC, C, D International long-term insurer financial strength rating scale AAA AA A BBB BB B C,RS, SD, D International short-term issuer rating scale   A1 + A1 A2, A3 B, C, RS, SD, D     International short-term issue rating scale   A1 + A1 A2, A3 B, C, D     International short-term insurer financial strength rating scale   A1 + A1 A2, A3 B, C, RS, SD, D     Cerved Rating Agency S.p.A. Corporate long-term rating scale A 1.1 A 1.2 , A 1.3 A 2.1 , A 2.2 , A 3.1 B 1.1 , B 1.2 B 2.1 , B 2.2 C 1.1 C 1.2 , C 2.1 Creditreform Rating AG Long-term rating scale AAA AA A   BBB BB B, C, SD, D CRIF Ratings S.r. l. Long-term issuer rating scale AAA AA A BBB BB B CCC, CC, C, D1S, D Long-term issue rating scale AAA AA A BBB BB B CCC, CC, C, DS Short-term issuer rating scale   IG-1   IG-2 SIG-1, SIG-2, SIG-3, SIG-4     Short-term issue rating scale   IG-1   IG-2 SIG-1, SIG-2, SIG-3, SIG-4     Dagong Europe Credit Rating Long-term credit rating scale AAA AA A BBB BB B CCC, CC, C, D Short-term credit rating scale   A-1   A-2, A-3 B, C, D     DBRS Ratings Limited Long-term obligations rating scale AAA AA A BBB BB B CCC, CC, C, D Commercial paper and short-term debt rating scale   R-1 H, R-1 M R-1 L R-2, R-3 R-4, R-5, D     Financial Strength rating scale   AAA, AA A BBB BB B CCC, CC, C, R Egan-Jones Ratings Co. Long-term credit rating scale AAA AA A BBB BB B CCC,CC, C, D Short-term credit rating scale   A-1 + A-1 A-2 A-3, B, C, D     Euler Hermes Rating GmbH Global long-term rating scale AAA AA A BBB BB B CCC, CC, C, SD, D EuroRating Sp. z o.o. Global long-term rating scale AAA AA A BBB BB B CCC, CC, C, D Fitch Ratings Long-term issuer default ratings scale AAA AA A BBB BB B CCC, CC, C, RD, D Corporate finance obligations – Long-term ratings scale AAA AA A BBB BB B CCC, CC, C Long-term international IFS ratings scale AAA AA A BBB BB B CCC, CC, C Derivative counterparty ratings scale   AAA dcr, AA dcr A dcr BBB dcr BB dcr B dcr CCC dcr, CC dcr, C dcr Short-term rating scale   F1 + F1 F2, F3 B, C, RD, D     Short-term IFS ratings scale   F1 + F1 F2, F3 B, C     GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH Global long-term rating scale AAA AA   A, BBB BB B CCC, CC, C, D HR Ratings de México, S.A. de C. V. Global long-term rating scale HR AAA(G) HR AA(G) HR A(G) HR BBB(G) HR BB(G) HR B(G) HR C(G)/HR D(G) Global short-term rating scale HR +1 (G) HR1(G) HR2(G) HR3(G) HR4(G), HR5(G), HR D(G)     ICAP Group S.A Global long-term rating scale     AA, A BB, B C, D E, F G, H INC Rating Sp. z o.o. Long-term issuer credit rating scale   AA A BBB BB B CCC,CC, C, D Japan Credit Rating Agency Ltd Long-term issuer ratings scale AAA AA A BBB BB B CCC, CC, C, LD, D Long-term issue ratings scale AAA AA A BBB BB B CCC, CC, C, D Short-term issuer ratings scale   J-1 + J-1 J-2 J-3, NJ, LD, D     Short-term issue credit ratings scale   J-1 + J-1 J-2 J-3, NJ, D     Kroll Bond Rating Agency Long-term credit rating scale AAA AA A BBB BB B CCC, CC, C, D Short-term credit rating scale   K1 + K1 K2, K3 B, C, D     Kroll Bond Rating Agency Europe Long-term credit rating scale AAA AA A BBB BB B CCC, CC, C, D Short-term credit rating scale   K1 + K1 K2, K3 B, C, D     modeFinance S.r.l. Global long-term rating scale A1 A2 A3 B1 B2 B3 C1, C2, C3, D Moody’s Investors Service Global long-term rating scale Aaa Aa A Baa Ba B Caa, Ca, C Global short-term rating scale   P-1 P-2 P-3 NP     QIVALIO SAS (formerly Spread Research) Global long-term rating scale AAA AA A BBB BB B CCC, CC, C, D Global short-term rating scale   SR0   SR1, SR2 SR3, SR4, SR5, SRD     Rating-Agentur Expert RA GmbH International credit rating scale AAA AA A BBB BB B CCC,CC, C, D, E International reliability rating scale AAA AA A BBB BB B CCC,CC, C, D, E Scope Ratings AG Long-term rating scale AAA AA A BBB BB B CCC, CC,C, D Short-term rating scale   S-1 + S-1 S-2 S-3, S-4     S&P Global Ratings Long-term issuer credit ratings scale AAA AA A BBB BB B CCC, CC, R, SD/D Long-term issue credit ratings scale AAA AA A BBB BB B CCC, CC, C, D Insurer financial strength ratings scale AAA AA A BBB BB B CCC, CC, SD/D, R Mid-Market Evaluation ratings scale     MM1 MM2 MM3, MM4 MM5, MM6 MM7, MM8, MMD Short-term issuer credit ratings scale   A-1 + A-1 A-2, A-3 B, C, R, SD/D     Short-term issue credit ratings scale   A-1 + A-1 A-2, A-3 B, C, D     The Economist Intelligence Unit Ltd Sovereign rating band scale AAA AA A BBB BB B CCC, CC, C, D ’